SLS Hotels Hopes To Seize Upon Philadelphia’s New Cachet With Broad St. Project

SLS Hotels puts its chicly designed, lavishly appointed lodgings in the U.S. cities most associated with luxury travel and youthful, free-spending abandon: Beverly Hills. South Beach. Las Vegas.

Philadelphia is now on that elite list.

After years of planning, work is set to begin in the fall on the 152-guest-room SLS Lux Philadelphia Hotel & Residences. It will rise 47 stories a few blocks south of City Hall and could open as soon as spring 2018.

The California-based hotel chain, part of hospitality mogul Sam Nazarian’s SBE Entertainment Group, is betting on Philadelphia’s budding sophistication as a shopping, dining, and sightseeing destination as it targets moneyed visitors seeking less-staid alternatives to the city’s existing stock of high-end accommodations.

Read more at http://www.philly.com/philly/business/real_estate/commercial/20150601_SLS_Hotels_hopes_to_seize_upon_Phila__s_new_cachet_with_Broad_St__project.html#hZVU36MTce8vUDHS.99

Cooperation and Collaboration Are Not Dirty Words In Pittsburgh

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An excellent opinion piece was published in Sunday’s Pittsburgh Post-Gazette, written by award-winning journalist and author Steven Beschloss, about how Pittsburgh has propelled itself forward during troubled periods in the city’s past.  The author suggests that in today’s troubled economic times, America look at the Pittsburgh model of cooperation and collaboration as a way forward.

Here is an excerpt from Mr. Beschloss’ piece:

…We can rewind to the 1940s when Democratic Mayor David L. Lawrence allied with Republican financier Richard King Mellon to shape the city’s Renaissance Project, giving Pittsburgh a new lease on life at a grave moment of decline and worry. It’s worth recalling how Lawrence described that economic development effort to revive the city and bring together a complex coalition of interests: “This is a Pittsburgh project, not a Democratic or a Republican project.”…

The same cooperation and collaboration has enabled Pittsburgh to survive the collapse of the steel industry and reinvent itself as a city built on education, health care, computer science, biomedicine and engineering.

To read Steven Beschloss’ opinion piece, click here: http://postgazette.com/pg/11233/1168445-109-0.stm?cmpid=newspanel

Chester’s $500 Million Dollar “Renaissance On The River”

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It all began when PECO Energy closed its inefficient Delaware County Power Plant along the banks of the Delaware River in Chester.  The 400,000 square foot structure and the surrounding site needed some serious clean up.  After all, for most of the last century the 100 acre site was home to a huge coal to steam to electric power plant!  PECO sold 63 acres to Preferred Real Estate Investments (PREI).  They gave the City of Chester seven acres and PECO operates some small peak generating units and a substation on 20 acres.

PECO and PREI spent 1½ years and $10 million dollars on environmental clean up and demolition so that this structure could be turned into a mixed-use Class A office and retail space.  The Wharf at Rivertown is also located in a Keystone Opportunity Zone (KOZ) which gives amazing tax incentives to companies who open a business within its borders. (Pottstown has a KOZ off College Drive).  This project is an example of adaptive reuse.  From 10,000 tons of scrap metal to 20,000 tons of bricks (and everything in between) were recycled in this project.

This $60 million dollar project has 1.4 million square feet of space, two marinas, restaurants and a river walk.  Tenants include Wells Fargo, Synergy, AdminServer, Achristavest and the Power Home Remodeling Group

Also included within the larger Rivertown complex is the $120 million dollar, 18,500-seat, PPL Park.  PPL Park is the home of the Philadelphia Union, a Major League Soccer team, and was financed in part by a $25 million dollar economic revitalization package given by the state of Pennsylvania.  Chester also received another $7 million dollars from the state to be used towards a two-phase project in the Rivertown complex which includes 186 townhouses, 25 apartments, 335,000 square feet of office space, a 200,000 square-foot convention center, 20,000 square feet of retail space and a parking structure for 1,350 cars.  The second half of the project will include 200 apartments, 100,000 square feet of office space and 22,000 square feet of retail space.

The Pennsylvania State Corrections Institution Chester and the 100,000 square-foot Harrah’s Casino and Racetrack are also located within Rivertown.  Originally, this land was part of the Sun Shipbuilding Complex that at one time employed 40,000 people!

The Wharf at Rivertown has added 1,200 jobs to Chester.  It is expected to eventually add 2,500 jobs.  Other projects such as PPL Park, the prison and Harrah’s significantly add to that total.  PPL Park, which opened June 27, 2010, is seen as “the spark” that will ignite a full-scale renaissance of Pennsylvania’s first city, Chester.

Another benefit of this project is that a half mile of riverfront was opened back up to the community after nearly 100 years.

Sounds better than senior rental apartments, now doesn’t it!

Hat tip to Jeff Leflar for suggesting I write about this.

Downtown Wilkes-Barre Becomes A Destination – Kings And Wilkes Play Large Roll

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In 2001, downtown Wilkes-Barre hit bottom.  There was no reason to go there and the merchants who remained wanted out.  Kings College and Wilkes University tried to keep students on campus and played down their downtown Wilkes-Barre locations.  Now, on the verge of 2011, things are reversed.  Businesses are relocating downtown, Wilkes and Kings proudly show prospective students downtown Wilkes-Barre and the downtown is now viewed as a “destination” by Wyoming Valley residents.

How did this miraculous transformation occur?  Four community meetings were held which drew 1,000 people.  These meetings spawned Diamond City Partnership, a public-private alliance for downtown revitalization http://www.wbdcp.com/about.htm.  After years of hard work and “seed planting” center city Wilkes-Barre is “the place to be” again.

King’s College and Wilkes University have invested over $30 million dollars in downtown Wilkes-Barre by expanding and renovating their campuses.  There are 6,500 students between both schools.  With the abundance of clubs, bars, restaurants, stores, coffee shops, the Kirby Center and a 14-screen Cineplex, downtown Wilkes-Barre is a draw for students and residents alike.  This renaissance is helping the recruitment efforts of both colleges and is attracting new downtown residents who are looking for city-living in a “walk to everything” environment.  More residents downtown will help spur more economic development.

I think this line sums it up.  A visitor at the Kirby Center was overheard saying “Wilkes-Barre?” “Who knew?”